JPMorgan Chase & Co. is a multinational bank that offers a wide variety of financial services, including Chase auto loans for the purchase of new and used vehicles or the refinancing of an existing loan. In this review, we will take a close look at this business and explore the loan details, application process, and customer reviews of Chase auto loans.
If you’re trying to buy or refinance a vehicle, finding the right auto loan can save you thousands of dollars in the long run. Read our opinion on the best auto loans to learn more about all of your vehicle financing options, or immediately start comparing loans from multiple lenders on AutoCreditExpress.com.
In this article:
JPMorgan Chase & Co. has roots dating back to 1799, making it one of the most established financial companies in the United States. It is currently headquartered in New York, NY, but provides service throughout the United States.
Chase’s auto loan options include personal purchase loans for new and used cars, as well as auto loan refinancing. The company currently holds an A + rating from the Better Business Bureau (BBB), but has been reprimanded for financial malpractice in the past.
|Chase Auto Loans Pros||Chase Auto Loan Against|
|No additional costs||
No financing for commercial vehicles or
vehicles over 10 years old
|High loan amounts for customers with strong credit||No loans for motorcycles, boats or recreational vehicles (RVs)|
Can complete your car purchase entirely through Chase
(and fully online)
|Chase Bank has an uneven history of financial malpractice|
Chase Auto Loan Details
Chase auto loans are available for private purchases of new and used cars, as well as for refinancing auto loans. Compared to the best loan providers, Chase auto loans come with slightly higher Annual Percentage Rates (APRs), but one cool feature is that there are no application, prepayment, or origination fees. A summary of the main loan details is presented in the table below.
|Chase Auto Loan Details|
|Minimum loan amount||$ 4000|
|APR||As low as 4.19%|
|term of the loan||12 to 84 months|
|Penalty for early repayment||Nothing|
Chase does not require a down payment when taking out an auto loan, but a larger down payment can result in a lower interest rate and ultimately lower the end cost of your Chase auto loan. Chase also offers payment deferrals if you purchase a Subaru vehicle.
The following types of vehicles are not eligible for Chase auto loan financing:
- Vehicles over 10 calendar years
- Vehicles with over 120,000 miles on the odometer
- Commercial vehicles
- Salvage or branded vehicles
- Vehicles not titled or registered in the United States
- Vehicles used for carpooling or taxi services
- Motorcycles, motorhomes, boats or planes
- Some exotic cars
Chase Auto Loan Application Process
The first step in applying for a Chase auto loan is called prequalification. Many loan providers have a prequalification stage. To pre-qualify, you will need to provide Chase with your name, address, income, and the last four digits of your Social Security number. There is no preselection or application fee.
Chase does not mention a minimum credit score required and prequalification does not require a serious credit check. This means that your credit score will not be affected just for the application. After you complete the prequalification, Chase can give you an idea of the loan amount you are eligible for and the expected interest rate.
If you decide to accept a Chase auto loan offer, you will need to provide the company with more information and documents before you receive final approval. Be prepared to provide your:
- Full social security number
- Job information
- Income Information
- Vehicle make and model
- Vehicle Identification Number (VIN)
A remarkable feature of the Chase auto loan program is that you can actually complete the vehicle purchasing process through the company. Customers can pre-qualify for a loan, browse inventory at participating dealerships, and purchase their new vehicle entirely through Chase.
Chase does not mention any credit score or income requirement. However, this does not guarantee that every person will be eligible for a Chase auto loan. The higher your income and the better your credit rating, the better your loan offer will be.
Chase Auto Preferred is a concierge car buying service. When you request this service, a Chase concierge from a local dealership will assist you with your purchasing process. While you don’t need to take advantage of this option to get a Chase car loan, it allows customers to buy cars from home and even schedule test drives and car deliveries. In addition, customers using this service may obtain reduced prices on certain vehicles.
Sign up for Chase Auto Preferred only if you’re ready to buy a car within the next 30 days.
Chase’s opinion and reputation
Although JPMorgan Chase & Co. has an A + BBB score, it is not accredited and customer reviews are not as strong. The BBB customer score is very low at 1.18 out of 5 stars. However, this is based on a relatively low number of reviews (less than 250). Since Chase’s customers number in the millions, that score is only a tiny fraction of Chase users.
Customers who have complained on BBB’s website report refusal of payment and delays in sending title to their vehicle after their loan has been paid off. Chase’s positive reviews generally praise Chase’s banking services and fraud detection.
Our review on Chase auto loans: 3.5 stars
While Chase auto loans don’t have the lowest interest rates we’ve seen, the company offers competitive rates. Plus, the Chase Auto Preferred program can make Chase your one-stop shop for finding a car loan and purchasing a vehicle.
Chase is an established bank with many resources that can be of assistance to Chase loan clients. While some drivers have reported problems with their Chase auto loans, these represent a small fraction (less than one percent) of all customers.
|Engine Rating 1||3.5|
Whether you’re buying a car or refinancing an existing car loan, there’s no harm in applying for a prequalification with Chase. You can also compare the auto loan offers of several major lenders by visiting AutoCreditExpress.com.